Corning (NYSE:GLW) Updates Q3 Earnings Guidance

Corning (NYSE:GLW) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.50-0.54 for the period, compared to the consensus estimate of $0.54. The company issued revenue guidance of approximately $3.7 billion, compared to the consensus revenue estimate of $3.76 billion. Corning also updated its Q3 2024 guidance to 0.500-0.540 EPS.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GLW shares. StockNews.com raised shares of Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Bank of America upped their target price on Corning from $38.00 to $42.00 and gave the company a buy rating in a research report on Friday, June 14th. Hsbc Global Res upgraded shares of Corning from a moderate sell rating to a hold rating in a research note on Tuesday, July 9th. Argus raised their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $39.00 to $46.00 and gave the company a hold rating in a research note on Tuesday, July 9th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $44.31.

Corning Price Performance

Shares of NYSE:GLW traded down $3.63 during trading on Tuesday, reaching $39.05. The company had a trading volume of 15,127,604 shares, compared to its average volume of 6,105,444. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market capitalization of $33.45 billion, a PE ratio of 53.97, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. The firm’s fifty day moving average is $39.99 and its 200 day moving average is $35.03. Corning has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS. On average, equities analysts forecast that Corning will post 1.94 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.87%. Corning’s dividend payout ratio (DPR) is 157.75%.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.